Market Update - May 15, 2015

CBOT futures are mostly lower. Futures traded higher overnight but have mostly been moving downward since sunrise. Corn, beans and meal are near the day’s lows; wheat is 3-4 cents off the bottom. Outside markets are slightly negative and traders may be taking some profits going into the weekend. Soybean and meal charts have little room to the downside without encouraging more selling.

Cattle futures opened higher at 8 am CT but dropped sharply at 10 am. This selloff comes after LC futures spiked to new highs for this move. The nearby JUNE LC contract now has an ominous double-top resistance level at $155. Added pressure is coming in the wholesale market with Choice beef down 2.05 at 262.69 and Select is down .79 at 250.52.

Lean Hogs are down about one percent. This is the 3rd day in a row of lower hog futures as the long-running uptrend at least takes a pause. FOB Plant Pork is down .81 at 83.56 with loin down 4 percent and price gains in rib and butt offsetting it.

Paris Stockyards, Paris KY Weighted Average Report for 05/14/2015 Receipts: 1760 Last Week: 1740 Year Ago: 1919 Compared to last week: Feeder steers sold 2.00-4.00 higher. Feeder Heifers steady-2.00 higher with good demand. Slaughter Cows were steady and Slaughter Bulls steady. There was good demand for all classes of feeder cattle. Buyers showed good interest in steer cattle and cattle with favorable condition.